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Yes, the CF-1040 forms would report your city taxes only. As long as you didn't have city taxes for other cities besides Grand Rapids, you can delete those forms.   It does not appear that the city... See more...
Yes, the CF-1040 forms would report your city taxes only. As long as you didn't have city taxes for other cities besides Grand Rapids, you can delete those forms.   It does not appear that the city tax is reported on your state return for Michigan. To be sure, I suggest you review your Michigan tax return. The state tax is listed on line 17. Look at the lines below that to insure the City tax is not included with the tax due on your Michigan tax return. If not, then your federal and state taxes should remain unchanged after you delete the Form CF-1040.
I read the article. However, it doesn't say anything about both doing a paper-file. We do not know how long it will be for TT to resolve the issue on their end. At this time neither of us can e-file ... See more...
I read the article. However, it doesn't say anything about both doing a paper-file. We do not know how long it will be for TT to resolve the issue on their end. At this time neither of us can e-file state via TT, but we already paid for it.  What are our options? Thank You.
To fix this:   Make sure that you are using the actual TurboTax data file: .tax20XX (for example, .tax2024). PDFs won’t transfer your data Start a new 2025 Online return on a computer, then go to... See more...
To fix this:   Make sure that you are using the actual TurboTax data file: .tax20XX (for example, .tax2024). PDFs won’t transfer your data Start a new 2025 Online return on a computer, then go to Tax Tools > Tools > Transfer last year’s TurboTax return from your computer, and select your .tax file. If you don’t see the option, clear & start over first Remove any password protection on the .tax file and ensure it’s saved locally (not OneDrive/Google Drive) before uploading If you already registered/paid this year’s Online return, upload/clear-and-start-over may be blocked; you might need to start a fresh return to transfer You can only transfer the immediately prior year and matching return type  
I have an NJ -2450 auto generated.   I have 2 employers.  paid excess ui/wf/swf   An excess of $95 DI  $134 FL   Does the excess  refund reflect in the NJ Tax due?   If yes - then why does it... See more...
I have an NJ -2450 auto generated.   I have 2 employers.  paid excess ui/wf/swf   An excess of $95 DI  $134 FL   Does the excess  refund reflect in the NJ Tax due?   If yes - then why does it say I have to approach my employer for a refund.   Thank you
Please, refer to this TurboTax article to know what to do: What do I do if my refund is late and I chose up to 5 days early refund delivery  
It's possible this is browser-related. Please log out of TurboTax Online, refresh your browser, and clear your cookies and cache. Then restart your browser and log into TurboTax again. Or try a diffe... See more...
It's possible this is browser-related. Please log out of TurboTax Online, refresh your browser, and clear your cookies and cache. Then restart your browser and log into TurboTax again. Or try a different browser.    For more help, please see:  How do I delete cookies? How to clear your cache
Can someone please provide a release date for this fix? I do not want to see another AI generated response about deleting the 1099Q form.   In my case, since contributions and earnings were made in... See more...
Can someone please provide a release date for this fix? I do not want to see another AI generated response about deleting the 1099Q form.   In my case, since contributions and earnings were made in the last 5 years, this transfer is considered taxable. To add insult to injury, the online platform allowed me to proceed to the eFile prompt and then told me I could not continue and would have to File by Mail. The problem is that you have already accepted my payment for the Turbo Tax software.   On another thread, it was suggested to add a prompt to the 1099Q form asking if this is a taxable event. It would put the onus on the taxpayer  to answer the question truthfully and allow all users to proceed (whether the event is taxable/non taxable).   Looking forward to a release update.    
You contributed more than $7000, or more than $8000 if over age 50?  Remember, that you can always contribute up to that amount to a traditional IRA, even if you can't deduct it.  It would only be ex... See more...
You contributed more than $7000, or more than $8000 if over age 50?  Remember, that you can always contribute up to that amount to a traditional IRA, even if you can't deduct it.  It would only be excess if it was more than $7000 or $8000, and the IRA custodian should not even allow it.  So I have a question about that before proceeding. 
if robinhood gave out crypto rewards to all its users during one of their(robinhood's) offers, does that count towards rewards in the form of crypto?
1278 election determines when you recognize the accrued income, annually or at disposal, you elect under 1278 to include the accrued AMD in your income "currently" i.e. every year.  You don't elect t... See more...
1278 election determines when you recognize the accrued income, annually or at disposal, you elect under 1278 to include the accrued AMD in your income "currently" i.e. every year.  You don't elect to "not" to do this and then it suddenly becomes a capital gain.  (And posting here doesn't help you with the IRS).   AMD is treated as ordinary income (to the extent of any capital gain).  If you sell the bond before maturity and your gain exceeds the AMD accrued to that point then you would recognize a gain for that difference, but the AMD portion of the gain will still be ordinary income.  At maturity by definition the entire AMD is ordinary income.   https://www.irs.gov/pub/irs-pdf/p550.pdf   When you buy a market discount bond, you can choose to accrue the market discount over the period you own the bond and include it in your income currently as interest in- come. If you do not make this choice, the following rules generally apply. • You must treat any gain when you dispose of the bond as ordinary interest income, up to the amount of the accrued market discount. See Discounted Debt Instru- ments, later.
Per IRS Instructions for Form 1065 Schedule K-1 Item J Partner's Profit, Loss, and Capital, "If a partner’s interest terminates before the end of the partnership’s tax year, enter in the “Ending” col... See more...
Per IRS Instructions for Form 1065 Schedule K-1 Item J Partner's Profit, Loss, and Capital, "If a partner’s interest terminates before the end of the partnership’s tax year, enter in the “Ending” column the percentages that existed immediately before termination." According to this reference, TurboTax is reporting the correct percentages on Schedule K-1.   In the Step-by-Step interview when entering the percentages under Business Info >> Partner/Member Information on the page for Profit Percentages, these percentages reflect the profit allocations before and after the change. For example, a leaving partner might have a Before percentage of 25% and an After percentage of 0%. A new partner would then have a Before percentage of 0% and the After percentage of 25%.   Note that "after" percentage on this page is not the same as "ending" percentage on the K-1.    
Yes, we can advise. It seems like a Form 1099-MISC should have been the correct document for you since you were not an employee and not self employed when showing up for an onsite job interview. It's... See more...
Yes, we can advise. It seems like a Form 1099-MISC should have been the correct document for you since you were not an employee and not self employed when showing up for an onsite job interview. It's not clear if this was a reimbursement for your expenses or literally a payment for showing up to be interviewed.   Regardless, if you are not self employed then you should keep this form in your file. Delete it from your tax return and then enter the income as follows: Delete the Form 1099-NEC: If you're using TurboTax Online software and need to delete a form, click here. If you're using TurboTax Desktop software and need to delete a form, click here. Other Miscellaneous Income: Sign into your TurboTax Online  or TurboTax Desktop account Go to Wages and Income  section Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C Select Other reportable Income > Enter a description (----) and the amount
Thanks! Appreciate the info if we file MFS (we file MFJ).
i am using turbo tax online (can't use desktop since OS is not compatible). Once I get the 1291 tax and 1291 interest numbers from form 8621, how am i supposed to enter those in turbo tax online? sho... See more...
i am using turbo tax online (can't use desktop since OS is not compatible). Once I get the 1291 tax and 1291 interest numbers from form 8621, how am i supposed to enter those in turbo tax online? should i print my 1040 and manually write the numbers on 12a and line 8 of schedule 2? since my complete form will be printed and only 2 lines will be hand written, does it cause any issues?
Yes, you can do that.   The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are e... See more...
Yes, you can do that.   The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.  If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2025 expenses". Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.   But,  that begs the question, why do you think it's overstated.  How and why would the school make such a mistake.  The more likely explanation is that the 15% is other scholarship, in addition to the stipend.     
So the IRS.gov says I’ll get my refund by the 25th which is in 2 days. I’m supposed to get it up to five days early with Credit Karma thru TurboTax and I still haven’t received it. Am I gonna get it ... See more...
So the IRS.gov says I’ll get my refund by the 25th which is in 2 days. I’m supposed to get it up to five days early with Credit Karma thru TurboTax and I still haven’t received it. Am I gonna get it early or not?? Or am I gonna get it on the 25th?
@Clapuaho  Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax ret... See more...
@Clapuaho  Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.    Your refund could be offset. The IRS and State Governments have the abil... See more...
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.    Your refund could be offset. The IRS and State Governments have the ability to offset a refund to pay for certain past due debts.  You generally will receive a letter stating what the offset was for.    The IRS provides a toll-free number, (800) 304-3107, to call for information about tax offsets.   Here are a few FAQs to help you track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"? Why do some refunds take longer than others? What if my IRS refund is taking longer than 21 days?